April 29, 2022 — No Movement On Current Refinance Rates – Forbes Advisor

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Refinance rates did not budge today.

The average rate on a 30-year fixed mortgage is 5.49% with an APR of 5.51%, according to Bankrate.com. The 15-year fixed mortgage has an average rate of 4.76% with an APR of 4.80%. The 20-year refinance rate is 5.55%. The average rate on a 5/1 ARM is 3.44% with an APR of 4.66%.

Related: Compare Current Refinance Rates

30-Year Refinance Rates

The average rate for the 30-year fixed-rate mortgage refinance remained at 5.49%. Last week, the 30-year fixed was 5.33%. The 52-week low is 4.09%.

The 30-year fixed mortgage refi APR (annual percentage rate) is 5.51%. At this time last week, it was 5.35%. APR is the all-in cost of your loan.

According to the Forbes Advisor mortgage calculator, borrowers with a 30-year fixed-rate mortgage refi of $ 100,000 will pay $ 567 per month in principal and interest (not accounting for taxes and fees) at today’s interest rate of 5.49%. You’d pay about $ 104,178 in total interest over the life of the loan.

20-Year Refi Rates

The average interest rate on the 20-year fixed refinance mortgage is 5.55%. This same time last week, the 20-year fixed-rate mortgage was at 5.25%.

The APR on a 20-year fixed is 5.57%. This time last week, it was 5.27%.

A 20-year fixed-rate mortgage refinance of $ 100,000 with today’s interest rate of 5.55% will cost $ 691 per month in principal and interest. Taxes and fees are not included. Over the life of the loan, you would pay around $ 65,771 in total interest.

15-Year Fixed Refinance Rates

The average interest rate on the 15-year fixed refinance mortgage is 4.76%. One week ago, the 15-year fixed-rate mortgage was at 4.55%. Today’s rate is higher than the 52-week low of 3.32%.

The annual percentage rate on a 15-year fixed is 4.80%. This time last week, it was 4.58%.
A 15-year fixed-rate mortgage refinance of $ 100,000 with today’s interest rate of 4.76% will cost $ 778 per month in principal and interest. Over the life of the loan, you would pay $ 40,103 in total interest.

30-Year Jumbo Refinance Rates

The average interest rate on the 30-year fixed-rate jumbo mortgage refinance is 5.49%. One week ago, the average rate was 5.31%. The 30-year fixed rate on a jumbo mortgage is higher than the 52-week low of 4.08%.

Borrowers with a 30-year fixed-rate jumbo mortgage refinance with today’s interest rate of 5.49% will pay $ 567 per month in principal and interest per $ 100,000. That means that on a $ 750,000 loan, the monthly principal and interest payment would be around $ 567, and you’d pay around $ 104,178 in total interest over the life of the loan.

15-Year Jumbo Mortgage Refinance Rates

The average interest rate on the 15-year fixed-rate jumbo mortgage refinance remained unchanged at 4.77%. Last week, the average rate was 4.54%. The 15-year fixed rate on a jumbo mortgage is higher than to the 52-week low of 3.31%.

Borrowers with a 15-year fixed-rate jumbo mortgage refinance with today’s interest rate of 4.77% will pay $ 779 per month in principal and interest per $ 100,000. That means that on a $ 750,000 loan, the monthly principal and interest payment would be around $ 5,841, and you’d pay around $ 301,467 in total interest over the life of the loan.

5/1 ARM Interest Rates

The average interest rate on a 5/1 ARM is 3.44%, higher than the 52-week low of 2.83%. Last week, the average rate was 4.56%.

Borrowers with a 5/1 ARM of $ 100,000 with today’s interest rate of 3.44% will pay $ 446 per month in principal and interest.

When Refinancing Makes Sense

You may want to refinance your home mortgage, for a variety of reasons: to lower your interest rate, reduce monthly payments or pay off your loan sooner. You may also be able to use a refinance loan to get access to your home’s equity for other financial needs, like a remodeling project or to pay for your child college. If you’ve been paying private mortgage insurance (PMI), refinancing also may give you the opportunity to ditch that cost.

Refinancing your mortgage can make sense if you plan to remain in your home for a number of years. There is, after all, a cost to refinancing that will take some time to recoup. You’ll need to know the loan’s closing costs to calculate the break-even point where your savings from a lower interest rate exceed your closing costs. You can calculate this by dividing your closing costs by the monthly savings from your new payment.

Our mortgage refinance calculator could help you determine if refinancing is right for you.

How To Get Today’s Best Refinance Rates

Much like when you shopped for a mortgage when purchasing your home, when you refinance here’s how you can find the lowest refinance rate:

  • Maintain a good credit score
  • Consider a shorter-term loan
  • Lower your debt-to-income ratio
  • Monitor mortgage rates

A solid credit score isn’t a guarantee that you’ll get your refinance approved or score the lowest rate, but it could make your path easier. Lenders are also more likely to approve you if you do not have excessive monthly debt. You also should keep an eye on mortgage rates for various loan terms. They fluctuate frequently, and loans that need to be paid off sooner tend to charge lower interest rates.

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